New Democracy: Bailout

National Election Dept: As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6, according to CBC. With 82.5 percent of the vote counted, official results showed New Democracy winning 30 per cent and 130 of the 300 seats in parliament. The radical anti-bailout Syriza party had 26.6 per cent and 71 seats and the pro-bailout Socialist PASOK party came in third with 12.5 per cent of the vote and 33 seats and fears of an imminent Greek exit from Europe's joint currency receded Sunday after the conservative New Democracy party came first in a critical election and pro-bailout parties won enough seats to form a joint government. With one party advocating ripping up Greece's multibillion-euro bailout deal, the election was seen as a vote on whether Greece should stay in the 17-nation joint euro currency. A Greek exit would have had potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy. (www.immigrantscanada.com). As reported in the news.